Good morning [%first_name |Dear Reader%],

The Indian Premier League (IPL) is just around the corner. Have you got a pool running at your workplace or among your friends on who will win the tournament this season? Will Chennai Super Kings retain their title? Or will Mumbai Indians make it seven out of 15? Or is ee sala cup namde, for real?

I shouldn’t really be promoting a wager, considering betting and gambling is illegal in India. But that doesn’t mean it doesn’t exist. The country’s illegal gambling market is estimated to be worth more than US$100 billion, growing at a rate of 7% annually. And a majority of it is reportedly sports betting. 

There are also a number of companies that are operating in a legally grey area—fantasy sports and other real-money gaming (RMG) platforms like Dream11, Mobile Premier League, and RummyCircle are all members of this club.

But over the last few months, we’re seeing a new category of RMG platforms knocking on the door. They’re venture capital (VC)-funded and looking to shake up the market.